Crimsonwing plc - Trading Update

Thursday, May 23rd, 2013

On 23 May, Crimsonwing plc published a trading update in anticipation of the March 2013 full-year results publication due in July.

The announcement revealed that the provisional figures for the financial year ending 31 March 2013 show a 15% increase in revenue to just under €18 million. In terms of profitability, the announcement indicated that during the second half of the financial year between 1 October 2012 and 31 March 2013, the Crimsonwing Group registered a similar performance to the first six months when pre-tax profits amounted to €0.55 million. As such, Crimsonwing is expected to announced a pre-tax profit of circa €1 million for the 2012/13 financial year.

Furthermore, the announcement also revealed that before the end of the last financial year, Crimsonwing contracted significant new work on both its Microsoft Dynamics and e-commerce solutions. As a result, the Malta Solution centre is planning a net increase of 40 experienced consultants raising the headcount in Malta to over 200 employees for the first time.

In conclusion, the announcement also noted that the Group is expected to continue registering improved performances during the current financial year ending 31 March 2014 during which revenue is expected to surpass the €20 million mark. Moreover, the overall profit margin is also expected to increase given that the Group’s infrastructure and facilities can accommodate the higher numbers of professional services staff.